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Rupee trades little changed on Thursday; dollar demand from banks persists

17 Jul 2014 Evaluate

Indian rupee, after witnessing consolidation in previous trading session, was trading little changed on Thursday on account of dollar demand from banks for oil and defence related payments. However, further downside was restricted due to gains of local equities, though caution ahead of the earnings of blue-chip companies later in the day loomed. On the global front, euro wallowed at five-month lows against the yen on Thursday and held near a two-year trough on sterling, having weakened broadly overnight in a move that should provide some comfort to the European Central Bank.

The partially convertible currency is currently trading at 60.16, weaker by 3 paise from its previous close of 60.13 on Wednesday. The currency has touched a high and low of 60.19 and 60.12 respectively.  The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 60.19 and for Euro stood at 81.65 on July 16, 2014. While, the RBI’s reference rate for the Yen stood at 59.19, the reference rate for the Great Britain Pound (GBP) stood at 103.1361. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
July 16, 201460.19 103.1361
July 15, 201460.21 102.7947

(RBI-Reference Rate)

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